In large-scale oil and gas exploration and production, statistical distributions of the recovery performance for various development scenarios form the quantitative foundation of the investment decision process. Accurate reservoir forecasting depends largely on the accurate estimation of dynamic performance statistics and evaluating the recovery performance through reservoir simulations. Evaluating the recovery performance through reservoir simulations is an integral component of dynamic data integration and inversion, which is commonly referred to as “History Matching” and, ultimately, reservoir production forecasting.